ARM’s stance on the Modikwa Deeps Properties
17 February 2012
African Rainbow Minerals Limited (ARM), joint venture partners with Anglo American Platinum Limited (“Amplats”) wishes to clarify its position with regard to three of the Modikwa Joint Venture’s Modikwa Deeps Properties, being portions of the farms De Kom, Garatouw and Hoepakrantz, (the “Properties”) following the recent announcement by Nkwe Platinum Limited (“Nkwe”).
ARM notes that a mining right has been issued by the Department of Mineral Resources (“DMR”) over the Properties in circumstances where inter alia the issue of prospecting rights over the Properties by the DMR to inter alia Genorah Resources (Pty) Limited is the subject of legal challenge by the Modikwa Joint Venture. The parties to the litigation, which include the DMR, have been negotiating to reach an out of court settlement. No agreement has to date been reached in respect of any of the Properties.
ARM and Amplats are willing to continue negotiations with the DMR and other parties involved in the matter in an attempt to resolve the situation. The litigation will continue and will include a challenge of the issue of the mining right by the DMR.
“ARM holds the interests of its shareholders in high regard and we will cautiously proceed with the necessary steps to protect both the Company and its shareholders,” said Chief Executive Officer André Wilkens.
Shareholders of ARM will be kept informed on further developments.
For more information please contact:
Executive Director: Business Development
Tel: +27 11 779 1476
Mobile: +27 82 412 1004
Head of Investor Relations and Corporate Development
Office: +27 11 779 1507
Mobile: +27(0)82 562 5288
17 February 2012
Deutsche Securities (SA) (Proprietary) Limited